Residential development at Marblehead may soon be moving again. Developer Taylor Morrison is in teh closing stages of acquiring the property. Photo by Jim Shilander

By Jim Shilander

The sale of the residential portion of Marblehead Coastal may soon be in the offing.

Real estate developer Taylor Morrison, which has communities throughout California and other states, including two in San Juan Capistrano, is looking to close on the property this week, following a flirtation earlier this year. The property is currently owned by Lehman Brothers through a subsidiary.

Erin Willis, director of corporate communications for Taylor Morrison, said the company views the site as “the crown jewel of Southern California,” given its ocean and canyon views.

Willis said the company was planning on having just one home per lot, though the lots would be of five varying sizes, up to 7,000 square feet. Homes will range in size from 1,700 to 5,000 square feet. The company would also take over responsibility for the completion of the infrastructure projects at the site, including work to complete West Avenida Vista Hermosa to Avenida Pico and the completion of planned parks and a trail system.

Willis would not confirm the proposed sale price but said it would be 20 percent of the value of the property.

Work is also underway on the Outlets at San Clemente Plaza, the commercial portion of the Marblehead development.

Jancee Aellig, a specialty leasing representative at Craig Realty Group, the developers of the property, said in speaking with its builders, the company decided not to do a formal groundbreaking since grading on the project has already been largely completed and infrastructure work is beginning. Aellig noted that the company has held formal events for other projects after the first buildings began “to go vertical,” or were being “topped off.” Aellig said that milestone was still likely a couple of months away, at the earliest.